https://www.taxtmi.com/caselaws?id=437558 The High Court of Calcutta dismissed the revenue's appeal challenging the order of the Income Tax Appellate Tribunal for the assessment year 2015-16. The Court found that the Principal Commissioner of Income Tax did not validly exercise revisionary powers under Section 263, as proper verification had been conducted by the Assessing Officer regarding the loss of penny stock. The Court concluded that the jurisdictional requirements for invoking Section 263 were not met, leading to the dismissal of the revenue's appeal and denial of the application for stay. en-us Thu, 24 Nov 2022 00:00:00 +0530 Mon, 08 May 2023 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437558 The High Court of Calcutta dismissed the revenue's appeal challenging the order of the Income Tax Appellate Tribunal for the assessment year 2015-16. The Court found that the Principal Commissioner of Income Tax did not validly exercise revisionary powers under Section 263, as proper verification had been conducted by the Assessing Officer regarding the loss of penny stock. The Court concluded that the jurisdictional requirements for invoking Section 263 were not met, leading to the dismissal of the revenue's appeal and denial of the application for stay. Case-Laws Income Tax Thu, 24 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437558